Small businesses employ 50% of all Americans. The Small Business Administration (SBA) distributed 1.4 million loans worth $350 billion under the Paycheck Protection Program (PPP). It has now run dry. Small businesses are seeking these loans which stipulate the funds must be directed to pay employees coping with coronavirus. Typically, House Speaker Pelosi and Senate Minority Leader Chuck Schumer are trying to stuff unrelated partisan pork into the bill in order to back it.
To sustain small businesses, which employ half the country, the SBA is requesting another $250 billion. Yet Pelosi and Schumer want to use the crisis to ram in more unrelated regulations to the PPP with:
- significantly increased funding for disaster grants and loans,
- additional support for the food-stamp program,
- adequate funding for nationwide virus testing and personal protective equipment,
- the collection and publication of demographic data so that government can accurately determine the level of impact on under-served communities and communities of colour.
While all of these items may have a place in a separate debate, surely helping half of the country’s employment providers stay alive is the bigger issue. Never mind Pelosi was happy to parade herself on late-night TV in front of her $24,000 refrigerators while the bill is delayed. We don’t begrudge anyone owning nice things, but the optics of a freezer full of $13 ice cream punnets is hardly reflective of the crisis.
It wasn’t long ago that her party wanted to stuff a laundry list of ridiculous unrelated items to the $2.2 trillion emergency stimulus last month including airline emissions standards, corporate board diversity and wind/solar subsidies.
Now that 22 million Americans are out of work, should we be surprised that 3,000 people were protesting in Lansing, Michigan demanding the economy be reopened? Or the 100s of people in Raleigh, North Carolina.
Do they have a point?
Here is the latest data outlining infections as a percentage of the state populations. The average infection rate across the US is 0.2044% of the population. That means that 99.8% of people haven’t caught it. While social distancing is proving effective, one has to wonder whether the economy can be reopened quicker than the lid on Nancy Pelosi’s ice cream.
Switching to COVID 19 deaths, the national average is 0.0101% of the population. New York, which we lambasted for the insane advice handed out by its Health Commissioner Oxiris Barbot has 7.6x the national average. Wyoming, while less densely populated than NYC, has 0.03x the national average.
Michigan has a death rate of 0.02%, twice the national average. Its infection count is 0.293% or 50% higher than the national average. North Carolina might have a bigger argument to make. It has a 0.0015% death rate (0.1x the national average) and infections at 0.0542% (0.25x the national average) of the state’s citizens. Why aren’t governors looking to reopen their economies sooner, which is their decision, not Trump’s, to make?
These people rightly want the governors to start opening the economy so they can work. Jobs, jobs, jobs. Never cross an American and their belief in “rights”. We think this once again plays straight to Trump’s reelection. People are seriously frustrated and when they join the unemployment queue they are through with partisan politics.
FNF Media has always thought protests would eventually happen. The risks of contracting coronavirus versus the reward of having a job and feeding a family are now front and centre. They would undoubtedly settle for social distancing guidelines while working instead of remaining in lockdown.
We added Australia’s own state/territory data in those previous charts (yellow) which shows just how minuscule our infections and death rates are. We really need to be looking at easing restrictions sooner, rather than later. These statistics should make us all think.